US STOCKS-Wall Street futures dip after record highs; HPE soars

S&P 500 and Dow futures edged lower on Tuesday after hitting a series of record highs, while blowout results from Hewlett Packard Enterprise and ‌a funding commitment from Alphabet underscored investor confidence in the AI buildout.

HPE surged about 25% in premarket trading after the AI server maker pulled forward its long-term financial targets by two years. Rivals Dell and Super Micro Computer climbed 1% and 5.8%, respectively. Alphabet said it was looking to raise $80 billion in equity offerings, ‌including an investment from Berkshire Hathaway, to fund a costly expansion of its AI infrastructure. Its shares slipped nearly 2.3%.

Both the S&P 500 and ‌the Nasdaq logged their eighth straight session of gains on Monday and closed at record levels, with Nvidia rising more than 6% after it unveiled a new processor to bring AI to personal computers. Stronger-than-expected first-quarter results and enthusiasm around AI have powered the U.S. stock rally.

Hopes for an end to the U.S.-Iran conflict and for the reopening of the Strait ⁠of Hormuz ​have also supported sentiment, though recent flare-ups ⁠have raised concerns. Lebanon announced a partial ceasefire between Hezbollah and Israel on Monday. "Markets have already priced a meaningful degree of optimism regarding a potential agreement and the associated ⁠normalization of energy flows," said Tom Nelson, head of market strategy at Franklin Templeton Investment Solutions.

"Should those expectations prove premature, some of the recent enthusiasm could fade quickly." A ​prolonged conflict could stoke inflation, push the Federal Reserve toward tighter monetary policy and threaten Wall Street's record run.

At 06:18 a.m. ET, Dow ⁠E-minis were down 203 points, or 0.4%, S&P 500 E-minis were down 10.5 points, or 0.14%, and Nasdaq 100 E-minis were down 2 points, or 0.01%. Marvell Technology's shares surged more than ⁠27% after ​Nvidia Chief Executive Officer Jensen Huang called the chipmaker the next "trillion dollar company" at the Computex conference in Taipei. Nvidia invested $2 billion in Marvell in March.

U.S. job openings data is due at 10:00 a.m. ET, ahead of Friday's pivotal employment report. Investors will also watch out for comments from ⁠Cleveland Fed President Beth Hammack, a voting member of the Fed's rate-setting committee, later in the day for cues on the rate outlook.

Money market pricing ⁠shows traders have all but priced ⁠out rate cuts for 2026 and see growing odds of an eventual hike in the face of mounting inflationary pressures. Among other movers, Microchip Technology added 5.4% after an upbeat data center revenue forecast.

Philip Morris slipped 0.7% after ‌the cigarette maker lowered its ‌annual profit forecast.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)